Cover image via 1MDB
Last week, the Public Accounts Committee (PAC) confirmed that 1MDB made over USD1.367 (RM4.24) billion of payments to 'Aabar Investment PJS Ltd' (Aabar BVI), a rather dubious company with very little background information
The Public Accounts Committee (PAC) said in its 106-page parliamentary report on 1MDB on 7 April that **1Malaysia Development Bhd (1MDB) had not proven that Aabar BVI, which has a name closely resembling Aabar Investments PJS, is a subsidiary of Abu Dhabi's International Petroleum Investment Co. (IPIC).**
The report also revealed that the PAC's probe found that 1MDB had made a payment of about USD1.367 billion (RM4.24 billion), **without the approval of 1MDB's board of directors**, to Aabar BVI as security deposits in 2012.
[Sarawak Report](http://www.sarawakreport.org/talkback/wow-usd4-5-billion-and-rising/), however, claims that 1MDB has paid USD3.51 billion to Aabar (BVI) for "security deposits" and "option termination" apparently for the USD3.5 billion bond guarantee provided by IPIC.
Image via 1MDB
Things took an interesting turn when IPIC issued a statement to deny links to Aabar BVI, just four days after the PAC unveiled its report
Responding to the statement, 1MDB said that it was "surprised" that IPIC took three years to say that it doesn't own Aabar BVI
Image via 1MDB
Meanwhile, 1MDB President and Group Executive Director, Arul Kanda, has conceded that the state fund could be a victim of fraud
**"Given the recent denial by IPIC and the announcement by the Office of the Attorney-General of Switzerland, indicating that 1MDB could be a victim of fraud, 1MDB is exploring all avenues open to us. Further announcements will be made in due course," he said in a statement yesterday, 13 April.**
According to [NST](http://www.nst.com.my/news/2016/04/138999/arul-1mdb-dealt-ipic-and-aabar-executives-us-35b-deal), **Arul Kanda also reiterated 1MDB's statement that the payments made to Aabar BVI in 2012 and 2013 were done following interactions between 1MDB and IPIC managing director Khadem Al Qubaisi and Aabar chief executive officer Mohamed Badawy Al Husseiny** during RTM's Special Dialogue programme last night, 13 April.
Image via Getty Images
Who are the two main figures tied to this dubious company?
**1. Khadem al-Qubaisi**
Khadem al-Qubaisi is an Emirati businessman and the former Managing Director (MD) of International Petroleum Investment Company (IPIC). He was replaced as the MD of IPIC by United Arab Emirates President Khalifa Zayed in April 2015 following a reshuffle.
Four months later, in September 2015, [Sarawak Report](http://www.sarawakreport.org/2015/09/king-khadem-and-his-sovereign-wealth-in-depth-investigation/) published an exclusive report linking his dismissal to corruption allegations stemming from IPIC's transactions with 1MDB.
Just last week, banking sources told [Reuters](http://www.reuters.com/article/emirates-executives-assets-idUSL5N17B045) that the United Arab Emirates' central bank has ordered a freeze on the assets of Khadem although the reason for the freeze remains unclear.
Image via Corporate Executives
Image via David Cannon/Getty Images for Laureus
**2. Mohamed al-Husseiny**
Mohamed al Husseiny, was the Chief Executive Officer (CEO) of Aabar, a subsidiary of International Petroleum Investment Company (IPIC), from 2010.
However, he was replaced in August 2015. No reason has been given for his sudden departure, according to [Gulf Business](http://www.gulfbusiness.com/articles/industry/abu-dhabis-aabar-investments-appoints-new-ceo/#.VdSUQYu4mog).
[Sarawak Report](http://www.sarawakreport.org/2015/08/second-sacking-abu-dhabi-dumps-aabars-ceo/) said that Mohamed was "generally regarded to have been Khadem's right-hand man". Like Khadem, United Arab Emirates' central bank has ordered a freeze on the assets of Mohamed.
How are these people linked to the state-fund 1MDB?
Meanwhile, Tony Pua, one of the biggest critics of the 1MDB debacle, has urged PDRM to arrest those involved in the 1MDB-Aabar 'scam'
Image via Malay Mail Online
